Author: Nancy, PANews
Bitcoin has strongly broken through the $97,000 mark today, once again setting a new historical record. As the price of Bitcoin continues to soar, the global call for incorporating Bitcoin into national reserve assets is growing louder, while many institutions are also accelerating their accumulation of Bitcoin.
This article by PANews reviews the Bitcoin holdings of major institutions based on the latest data from BitcoinTreasuries.com. As of November 21, a total of 93 entities (including ETFs, countries, publicly listed companies, and private companies) publicly hold over 2.728 million Bitcoins, accounting for nearly 13% of the total Bitcoin supply. This trend further indicates that institutional investors have gradually replaced retail investors as the dominant force in the market during this bull market.
ETFs: Asset Value Exceeds $110 Billion, IBIT Holdings Account for Over 38%
Bitcoin spot ETFs have become an important holding channel for institutions. According to BitcoinTreasuries.com, as of November 21, Bitcoin spot ETFs hold over 1.231 million Bitcoins, currently valued at over $116.89 billion, accounting for more than 5.8% of the total Bitcoin supply. Meanwhile, data from The Block shows that since its launch at the beginning of this year, the cumulative trading volume of U.S. Bitcoin spot ETFs has exceeded $520 billion.
In terms of asset size, the top three Bitcoin spot ETFs are BlackRock's IBIT, Grayscale's GBTC, and Fidelity's FBTC.
Among them, BlackRock's IBIT holds 475,000 Bitcoins, making it the ETF with the largest holdings, valued at approximately $45.05 billion, accounting for about 38.6% of all ETF holdings. Fintel's statistics show that IBIT has 698 institutional holders, with a total shareholding of nearly 160 million shares, including Millennium Management, Goldman Sachs, IMC, Aristeia, Capula Management, Schonfeld, Morgan Stanley, and Graham Capital Management.
Grayscale's GBTC holds over 218,000 Bitcoins, valued at over $20.71 billion. Fintel's statistics show that GBTC has 647 institutional holders, collectively holding 44.459 million shares. GBTC's shareholders include trust funds under Horizon Kinetics, Goldman Sachs, Multicoin Capital, LPL Financial, Greenwich Wealth Management, Colony Group, and HighTower Advisors.
Fidelity's FBTC follows closely with 194,000 Bitcoins, with a holding value of $18.42 billion. Fintel's statistics show that FBTC has 246 institutional holders, with a total shareholding of over 5.1688 million shares, and its shareholders include Millennium Management, Capula Management, Schonfeld Strategic Advisors, DE Shaw & Co., Haina International Group, Jane Street, Hbk Investments LP, Goldman Sachs, and Pine Ridge Advisers.
Countries: Holding Nearly 530,000 Bitcoins, US, China, and UK Account for Nearly Half
Several countries around the world have become significant holders of Bitcoin. As previously reported by PANews, an increasing number of governments are reassessing the asset value of Bitcoin, with many publicly advocating for its inclusion in national reserve assets.
According to statistics from BitcoinTreasuries.com, as of November 21, nine known countries collectively hold over 529,000 Bitcoins (valued at approximately $50.24 billion), accounting for 2.5% of the total Bitcoin supply. Among these countries, the United States, China, and the United Kingdom are the main players, holding 207,000, 194,000, and 61,000 Bitcoins, respectively, together accounting for 46.2% of the total holdings of these countries. However, most of the Bitcoins held by these countries were obtained through law enforcement actions, while only Bhutan and El Salvador acquired Bitcoin through mining or direct purchases.
Countries Holding Bitcoin
Public Companies: Holding Value Exceeds $42.2 Billion, MicroStrategy Accounts for Nearly 80%
Public companies are becoming a significant force in Bitcoin allocation. According to BitcoinTreasuries.com, as of November 21, 43 publicly listed companies directly hold nearly 445,000 Bitcoins, currently valued at approximately $42.22 billion, including MicroStrategy, Marathon Digital, Riot Platforms, Tesla, Hut 8, and Coinbase Global.
For example, MicroStrategy holds over 331,000 Bitcoins (valued at over $31.43 billion), accounting for nearly 74.4% of the total Bitcoin holdings of public companies. Based on the current Bitcoin price of about $97,000, MicroStrategy's holdings have an unrealized gain of over $14.6 billion. With its Bitcoin investment strategy, MicroStrategy has entered the top 100 publicly listed companies by market capitalization in the U.S., driving its stock price surge. Tradingview data shows that its stock MSTR had a trading volume of $33.27 billion yesterday (November 20), second only to Nvidia. Currently, MicroStrategy has not stopped purchasing Bitcoin, and the institution recently announced an increase in the issuance scale of zero-interest convertible senior notes to $2.6 billion, with part of the net proceeds to be used for purchasing Bitcoin. Additionally, it disclosed that there is still an unused quota of $15.3 billion for raising funds through stock issuance and sales to purchase Bitcoin.
Bitcoin mining company Marathon Digital holds nearly 26,000 Bitcoins, currently valued at approximately $2.46 billion. Marathon Digital's Bitcoins mainly come from mining and fund purchases, with its third-quarter financial report showing that it produced 2,070 Bitcoins and purchased 6,210 Bitcoins during that quarter. Marathon Digital is also issuing $850 million in convertible notes, which can be expanded to $1 billion, to repurchase debt and acquire Bitcoin.
After announcing the purchase of $1.5 billion in Bitcoin in 2021, Tesla sold 4,320 Bitcoins in March 2021 and subsequently sold 29,160 Bitcoins in 2022, offloading about 75% of its Bitcoin holdings. Currently, Tesla still holds 9,720 Bitcoins, valued at over $920 million, but this accounts for less than 0.7% of Tesla's total assets ($119.8 billion) and only 0.046% of the total Bitcoin supply.
Top Ten Public Companies Holding Bitcoin
Private Companies: Reserve Value Exceeds $34.8 Billion
Many private crypto institutions also hold a significant amount of Bitcoin. According to BitcoinTreasuries.com, as of November 21, 12 private companies, including Block.one, Tether, Xapo Bank, BitMEX, and Mt. Gox, collectively hold approximately 367,000 Bitcoins, currently valued at over $34.81 billion, accounting for 1.7% of the total Bitcoin supply.
For instance, Block.one holds 140,000 Bitcoins, valued at over $13.28 billion, with its Bitcoins primarily sourced from ICO fundraising. Since announcing Bitcoin as part of its asset reserves in 2022, Tether now holds over 82,000 Bitcoins, valued at over $7.82 billion; crypto bank Xapo Bank holds nearly 34,000 Bitcoins, valued at over $3.69 billion, and this year became the first bank in the UK to launch interest-bearing Bitcoin and fiat currency bank accounts.
Publicly Disclosed Private Companies Holding Bitcoin
Bitcoin Mining Companies: Holdings Account for Less Than 0.3% of Total Bitcoin Supply
Crypto mining companies are also significant holders of Bitcoin. According to BitcoinTreasuries.com, as of November 21, 14 Bitcoin mining companies collectively hold over 61,000 Bitcoins, currently valued at $5.84 billion, accounting for less than 0.3% of the total Bitcoin supply. Among them, Marathon Digital, mentioned earlier, holds the most Bitcoin among mining companies, far exceeding other similar enterprises; followed by Riot Platforms, which holds about 10,000 Bitcoins, but according to its latest quarterly report, the company has incurred significant losses, with most of its revenue coming from Bitcoin mining; Hut 8 ranks third with 9,109 Bitcoins, and after receiving a $150 million investment in June this year, the company is committed to building AI-related infrastructure and has purchased a large number of mining machines from Bitmain, as well as collaborating to launch new mining machines.
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